Thepublicly-listed cryptocurrency miner, Marathon Digital Holdings, Inc.(NASDAQ:MARA) has announced its March and first quarter 2023 productionstatistics, showing a record number of Bitcoins (BTC) mined during the previousmonth and the entire Q1.
Accordingto Marathon Digital's press release from Tuesday, the crypto production reacheda record 825 BTC, rising 21% month-over-month (MoM). Due to the higher hash rate that increased by 64% in the previous quarter to 11.5 EH/s, the company wasable to close the three months ending 31 March with a record-breaking 2,195 BTCproduced.
The numberof Bitcoin produced showed an increase of 74% compared to the same period a year earlier(1,259 BTC) and 41% compared to the previous quarter (1,562 BTC). On an averageday, Marathon Digital can now mine 24.4 BTC, whereas a year ago, it was 14 BTC.As of 1 April 2023, the company holds 11,466 BTC in inventory.
"Duringthe first quarter of 2023, we made notable progress executing on our twoprimary initiatives for the year, which are to energize our previouslypurchased mining rigs to reach our target of 23 exahashes by the middle of thisyear and to optimize our performance so that we are both more effective andmore efficient," Fred Thiel, the Chairman and CEO of Marathon Digital,commented.
$MARA's March Production Update is here:
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) April 3, 2023
- Increased #Bitcoin Production 21% MoM
- Produced a Record 825 BTC in March ’23
- Produced a Record 2,195 BTC in Q1 ’23
- Increased Hash Rate 64% in Q1 ’23 (11.5 EH/s)
- Reported Unrestricted Cash and Cash Equiv. of $124.9M
- Increased… pic.twitter.com/Jc1ACI2kY2
Additionally, Thiel shared his optimism and stated that due to the considerable improvements in thecompany's operations and finances during the first quarter, the company mightachieve its main growth goals and establish itself as one of the largest andmost energy-efficient Bitcoin mining operations worldwide.
Crypto Winter Turns intoCrypto Thaw
2022 wasundoubtedly challenging for the crypto mining industry, especially after arecord-breaking 2021 when miners earned $15.3 billion. Due to the prolongedcrypto winter and falling prices of the leading digital assets, the revenues wereslashed last year by 37.5% and came in at $9.55 billion.
After aquite challenging December, which Ideally summed up the difficult marketconditions in 2022, the situation in the cryptocurrency mining industry hasbegun to improve. Data provided by publicly-listed miners from January to Marchshowed rising income due to the rebound of the BTC spot price.
AlthoughArgo Blockchain, one of Marathon Digital's competitors, could not producemore Bitcoin in March than in February, the overall mining revenue rose to $4.05million. After defending itself from potential bankruptcy, the company isfinally starting to see a brighter light in the dark tunnel. Galaxy DigitalHoldings, Ltd, a financial firm focused on digital assets owned by MikeNovogratz, helped the troubled miner by purchasing one of its Texas mines and refinancingits loans.
Afterfalling more than 60% in 2022, Bitcoin started 2023 on a stronger foot and iscurrently rebounding by 73%. Interestingly, the recent banking crisis thatelectrified traders worldwide has proved to be a savior forcryptocurrencies, again making them a hedge against inflation and uncertaintimes.
The cryptowinter might not be over yet, but the calendar spring brings a crypto thaw,which should help investors in the cryptocurrency market and miners too.
Thepublicly-listed cryptocurrency miner, Marathon Digital Holdings, Inc.(NASDAQ:MARA) has announced its March and first quarter 2023 productionstatistics, showing a record number of Bitcoins (BTC) mined during the previousmonth and the entire Q1.
Accordingto Marathon Digital's press release from Tuesday, the crypto production reacheda record 825 BTC, rising 21% month-over-month (MoM). Due to the higher hash rate that increased by 64% in the previous quarter to 11.5 EH/s, the company wasable to close the three months ending 31 March with a record-breaking 2,195 BTCproduced.
The numberof Bitcoin produced showed an increase of 74% compared to the same period a year earlier(1,259 BTC) and 41% compared to the previous quarter (1,562 BTC). On an averageday, Marathon Digital can now mine 24.4 BTC, whereas a year ago, it was 14 BTC.As of 1 April 2023, the company holds 11,466 BTC in inventory.
"Duringthe first quarter of 2023, we made notable progress executing on our twoprimary initiatives for the year, which are to energize our previouslypurchased mining rigs to reach our target of 23 exahashes by the middle of thisyear and to optimize our performance so that we are both more effective andmore efficient," Fred Thiel, the Chairman and CEO of Marathon Digital,commented.
$MARA's March Production Update is here:
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) April 3, 2023
- Increased #Bitcoin Production 21% MoM
- Produced a Record 825 BTC in March ’23
- Produced a Record 2,195 BTC in Q1 ’23
- Increased Hash Rate 64% in Q1 ’23 (11.5 EH/s)
- Reported Unrestricted Cash and Cash Equiv. of $124.9M
- Increased… pic.twitter.com/Jc1ACI2kY2
Additionally, Thiel shared his optimism and stated that due to the considerable improvements in thecompany's operations and finances during the first quarter, the company mightachieve its main growth goals and establish itself as one of the largest andmost energy-efficient Bitcoin mining operations worldwide.
Crypto Winter Turns intoCrypto Thaw
2022 wasundoubtedly challenging for the crypto mining industry, especially after arecord-breaking 2021 when miners earned $15.3 billion. Due to the prolongedcrypto winter and falling prices of the leading digital assets, the revenues wereslashed last year by 37.5% and came in at $9.55 billion.
After aquite challenging December, which Ideally summed up the difficult marketconditions in 2022, the situation in the cryptocurrency mining industry hasbegun to improve. Data provided by publicly-listed miners from January to Marchshowed rising income due to the rebound of the BTC spot price.
AlthoughArgo Blockchain, one of Marathon Digital's competitors, could not producemore Bitcoin in March than in February, the overall mining revenue rose to $4.05million. After defending itself from potential bankruptcy, the company isfinally starting to see a brighter light in the dark tunnel. Galaxy DigitalHoldings, Ltd, a financial firm focused on digital assets owned by MikeNovogratz, helped the troubled miner by purchasing one of its Texas mines and refinancingits loans.
Afterfalling more than 60% in 2022, Bitcoin started 2023 on a stronger foot and iscurrently rebounding by 73%. Interestingly, the recent banking crisis thatelectrified traders worldwide has proved to be a savior forcryptocurrencies, again making them a hedge against inflation and uncertaintimes.
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The cryptowinter might not be over yet, but the calendar spring brings a crypto thaw,which should help investors in the cryptocurrency market and miners too.
